‘Middle East is a promising area with a lot of initiatives going on in the UAE, Saudi Arabia’
Beyond AI, new technologies will leverage artificial intelligence to drive the next phase of the Fourth Industrial Revolution, Alphaeus Hanson,...
Economy
Dubai housing boom buoys buyers, burdens tenants
Dubai, renowned for its towering skyscrapers and ultra-luxury villas, saw record real estate transactions in 2022, largely due to the...
- Property prices in the prime locations of Dubai have jumped by 44 percent in 2022 compared with the year before, said real estate consultancy Knight Frank
- Russians, fleeing the impact of sanctions after their country's invasion of Ukraine. were the biggest foreign buyers on Dubai's property market last year
Business
EDGE to supply intelligence capabilities to the UAE armed forces in $1bn deal
Announced at the International Defence Exhibition and Conference (IDEX 2023), the contract will be executed over four years.
- Announced at the International Defence Exhibition and Conference (IDEX 2023), the contract will be executed over four years
- Launched in November 2019, EDGE converges R&D, emerging technologies and commercial market innovations with military capabilities
Tourism, state spending spur real estate in KSA, UAE
Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the...
- Property markets benefit as an increased demand for tourists and the rise in government spending on infrastructure projects drive the post-pandemic recovery in the region
- Changing client preferences in the hospitality, housing, and retail sectors have forced developers to reinvent the hotels, dwellings, and entertainment components of their projects
Business
UAE to invest in Speeder AUV of US-based Mayman Aerospace
The SDF is the investment arm of UAE’s Tawazun Council.
- Mayman Aerospace (JetPack Aviation Corp), the US-based manufacturer of the innovative dual-use Speeder Air Utility Vehicle (AUV).
- Speeder is on display at the SDF stand at the Tawazun Council’s Chalet at the International Defense Exhibition and Conference, IDEX.
Business
Non-oil trade between Saudi Arabia and UAE up 9 percent in 2022
Abu Dhabi, UAE – The non-oil trade between the UAE and Saudi Arabia in 2022 increased by 9 percent, reaching...
- Over the period of 2013-2022, non-oil trade between the two countries increased by 70 percent.
- Raw gold topped the list of the top five commodities exported from the UAE to Saudi Arabia in 2022, valued at AED8.7 billion.
Business
British Steel to slash 260 jobs
The company employs about 4,000 workers in the UK.
- The announcement comes as British Steel, owned by Chinese group Jingye since 2020, seeks financial support from the UK government.
- British Steel said it plans to shut coke ovens at its Scunthorpe plant, northern England, which would help the group to also "build a green and sustainable future".
Business
Abu Dhabi Fund allocates $45m for Nigeria road project
Abu Dhabi, UAE-- Abu Dhabi Fund for Development (ADFD) has allocated AED165 million ($45 million) to the Nigerian government to...
- The Fund said the 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent.
- The road is expected to stimulate commercial activities and improve transport links between the main cities in the country.
Business
Data risk: China asks state firms to phase out Big Four auditors
Citing people familiar with the matter, Bloomberg said China’s Ministry of Finance is among government entities that gave the so-called...
- While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up, the report said.
- The decision comes even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
Business
Crescent Petroleum inks three contracts to develop oil, gas fields in Diyala, Basra
The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala...
- The agreements will deliver much needed natural gas to fuel nearby power plants, creating thousands of new jobs in Diyala and Basra
- The Gilabat-Qumar and Khashim Ahmer-Injana fields will be developed in Diyala Province and the Khider Al-Mai block in Basra province
Business
Egypt looks to raise US$1.5bn with sukuk at 11% yield
Cairo, Egypt--Egypt has set an initial yield of 11.625 percent for the sale of its three-year, dollar-denominated sukuk on Tuesday...
- The sukuk will be of benchmark size or in the range of $500 million
- Egypt’s finance minister Mohamed Maait said in December that the country was targeting between $1.5 billion and $2.5 billion from its first sovereign sukuk
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Company News
DEWA Q3 2023 revenue $2.5bn
Business
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MIS net profit $7.1m in 9M 2023
Business
Saudi EXIM Bank ink $51bn deal with Turkish firms
Riyadh, Saudi Arabia - Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası...
Business
UAE insurance sector assets rise US$3.1bn in 9M 2023
ABU DHABI, UAE - The UAE insurance sector continues to exhibit robust growth, as evidenced by a 9.6 percent increase...
Business
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Business
Saudi’s Maaden announces discovery of new gold reserves
Riyadh, Saudi Arabia - Saudi Arabian Mining Company (Maaden) on Thursday announced a discovery of substantial gold reserves, marking a...
- The company's exploration program has led to discovery of a gold resource potential spanning across a 100-kilometer stretch from the existing Mansourah Massarah gold mine
- As of year-end 2023, Mansourah Massarah boasted nearly seven million ounces of stated gold resources and a nameplate production capacity of 250,000 ounces annually
Business
Huawei says expects higher revenue
The company is leading equipment manufacturer for 5G.
- Sanctions since 2019 have cut the firm off from access to US-made components and technologies, forcing it to diversify its growth sources
- In 2023, the group expected revenues of more than 700 billion yuan ($99.2 billion), Hu said - an increase of nearly nine percent from last year
Business
Xiaomi launches first electric car
The car manufactured by Xiaomi likely to enter market by 2025.
- Xiaomi boss Lei Jun took to the stage in Beijing Thursday to unveil the SU7, a sedan that is scheduled to enter the market in 2025
- Xiaomi announced in 2021 to enter the highly competitive sector of electric vehicles manufacturing